Interest rate change calculator
See what a rate rise or cut would do to your monthly repayment.
- Repayment now
- Repayment at the new rate
- If the rate went 1 point higher than now
- If the rate went 1 point lower than now
This calculator gives an estimate only, for general information. It isn't financial, tax or legal advice. Your bank, attorney, SARS or a tax practitioner confirms the final amounts.
How this is worked out
Each repayment is worked out from what you owe, the years left and the interest rate. The difference between the two is how much your monthly payment would change.
Banks usually link variable rates to the prime lending rate, so your rate tends to move when the Reserve Bank changes its repo rate.
Questions people ask
Should I fix my interest rate?
A fixed rate gives you a known repayment for a set period, usually a few years, but it's often higher than the variable rate when you take it. It suits people who need certainty. Compare the offers carefully.
What if the rate drops?
If you can afford it, keep paying your old amount. The difference goes towards your balance, which saves interest and shortens your bond.
What should I do if I can't afford my repayment?
Speak to your bank early, before you miss a payment. Options can include restructuring the loan. A registered debt counsellor can also help.